India, China, Russia key camera markets for Nikon

Countries such as India, China and Russia are key markets for Japanese camera-maker Nikon Corp, at a time of weak consumer-sentiment and a strong Yen which are likely to hit net profits, reports Ruchi Hajela.

Countries such as India, China and Russia are key markets for Japanese camera-maker Nikon Corp, at a time of weak consumer-sentiment and a strong Yen which are likely to hit net profits.

“The financial crisis has impacted our business but our revenues in India at the end of December 2008 were equal to that at the end of 2007. India, China and Russia are promising markets for us," Makoto Kimura, director and senior executive officer, Nikon Corporation, told Hindustan Times.

At present India contributes less than one per cent to Nikon’s overall revenues, but the firm has ambitious growth targets. “We hope to triple our India revenue over the next two to three years,” Kimura said. He declined to quantify the exact India revenue.

Nikon also aims to increase its market share to 10 per cent in the compact camera category (from five per cent now) and about 50 per cent in the digital single-lens reflex camera category (from 35 per cent).

It plans to expand to 1,100 mult-brand retail outlets from 585 stores now, and will hire 180 contract workers in 2009 to support sales operations.